The Asset Management Corporation of Nigeria has reported that it successfully recovered N1.6tn from debtors over the span of ten years. In a statement by Mr. Jude Nwauzor, the Head of Corporate Communications Department, AMCON, the agency’s role in revitalizing Nigeria’s financial system was emphasized.
AMCON’s Managing Director, Lawan Kuru, stated that out of a total debt of N4.66tn, they have managed to recover about N1.6tn. However, there is still work to be done as approximately 84% of the outstanding amount is held by 350 obligors.
The debts are currently on the Central Bank of Nigeria’s balance sheet, posing a threat to the economy. Once recovered and disposed of, the funds are directly deposited into AMCON’s CBN account, contributing significantly to settling their obligations.
One question remains to be asked, what plans does AMCON have to ensure proper utilisation of the monies recovered or would the funds be embezzled again as it is the norm in many Nigerian sectors?
Source: Punch
